Partnerships & the Trust Registration Service - A Guide for Advisers in Scotland

Introduction

General partnerships operated under the Partnerships Act 1890 are common in family farming businesses but are operated across other businesses.

It is recommended that partners acting in partnership have a partnership agreement which sets out specifically the terms in which the partnership is to operate, but some partnerships will operate ‘at will’ and will simply be governed by the Partnership Act 1890.

The purpose of this virtual classroom seminar is to look at some of the main aspects of the operation of a partnership including the ownership of heritable property and how the changes in the Money Laundering, Terrorist Financing, and Transfer of Funds (Information on the Payer) Regulations 2017 may affect partnerships and oblige them to register under the Trust Registration Service.

The intended audience are those who act for partnerships. The primary focus will be farming partnerships, but it would appeal to anyone who acts for general partnerships formed under the Partnerships Act 1890.

What You Will Learn

This live and interactive session will cover the following:

• Constitution of the partnership - operation under partnership agreements and partnerships-at-will
• Main considerations of what should be included in the partnership agreement, including ownership of capital, profit share, obligations on the partners
• Dissolution provisions within the partnership agreement, main issues to consider when drafting the agreement
• Ownership of heritable property by partners or the partnership
• The obligation to register the partners and partnership under the Trust Registration Service

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.